Builder Loans
Our Builder Loan product is a response to the government’s policy to increase the supply of new housing and the development needs of Auckland’s residential property market. It is joint product owned by BOCNZ and Vincent Securities. By focusing on a specific area of the market we can offer competitive interest rates with out much of the usual red tape required.
Vincent Capital development finance can assist with:
Loan Type
- Development
- Construction
Sector
- Residential Development up to 15 units (more may be ok on a case by case basis)
- Stand alone homes, duplex & terracess
Location
- Auckland
- Hamilton
- Christchurch
Key Criteria
8.25
%
Interest From
65
%
Loan to Value Ratio
12
Months
5
m
Months*
2
%
Max Loan
*Term can be up to 15 months with a 2.5% application fee.
Partner – BOCNZ
Bank of China, founded in 1912, is the Bank with the longest continuous operation in China.
Bank of China (New Zealand) Limited was launched in Auckland, New Zealand in November 2014. BOCNZ provides core business including commercial banking, global trade service, corporate banking, financial markets services to support the business development for both New Zealand and China Enterprises.
Developer must have 3 years relevant development experience
No initial pre-sales or QS requirement
Borrower must be GST registered
FAQ
What experience do I need to qualify for this product?
You need to either have a minimum 3 years development experience completing a number of similar projects, or be actively working in the residential development sector in a professional capacity.
Can I apply if my project is in the regions?
No, this product can currently only be used for projects in Auckland, Christchurch and Hamilton.
Can I use this product if I am not GST registered?
No, we can only lend to GST registered entities.
What is the minimum and maximum loan size for this product?
Minimum loan amount is $1,000,000 and maximum $5,000,000.
Can I apply if I am building an apartment?
No, only detached or terraced houses can qualify for this loan.
What if Building Consent (BC) isn’t issued yet? But RC, and EPA are ready.
The application can still be assessed, and a formal lending offer can be issued. However, confirmation of BC lodgement must be provided prior to the application. Please note, the Building Consent must be secured before any loan drawdown can occur.
How long is the loan offer valid?
The loan offer is valid for 3 months from the approval date. A new application is required after 3 months.
How are loan funds disbursed?
Progress drawdowns are advanced based on an agreed drawdown schedule, finalised before loan approval.
Do I need to engage a Quantity Surveyor?
No, this is not a requirement for loan approval.
